Governance

Governance

The CiC is a partnership between the Government of the Republic of the Philippines, which owns 60%, and the private sector, which has a 40% stake. Private ownership is limited to industry association of banks, quasi-banks, and other credit-related associations, including associations of consumers. The law does not allow a private investor to own more than 10% of the Corporation's common stock.

Under Republic Act No. 9510, the law creating the CiC, the government has five years from the start of the CiC's operations to dispose of at least 20% of its stockholdings to qualified investors.

The CiC has a total paid-up common stock of Php125 million as initial capitalization. It also receives a regular subsidy from the government to fund its startup costs.

Supervision

The CiC is supervised by the Governance Commission for GOCCs (GCG) that regularly reviews its policies, operations and major decisions. The GCG was created under Republic Act 10149, otherwise known as the GOCC Governance Act of 2011.

Board of Directors

Composition
A 15-member Board of Directors governs the CiC.

Download: CiC Organizational Chart

Public Sector Representatives
Heading the CiC is the chairperson of the Securities and Exchange Commission who serves in an ex-officio capacity.

Seven Board members represent the National Government and are appointed by the President of the Philippines to serve as ex-officio members.

Private Sector Representatives
Six other Board members represent the private sector investors and are appointed by their respective associations.

View: CiC Board of Directors Profiles